Mid-Morning Market Update: Markets Open Lower; Walgreens Earnings Top Views

Following the market opening Tuesday, the Dow traded down 0.17 percent to 17,706.63 while the NASDAQ declined 0.44 percent to 4,870.14. The S&P also fell, dropping 0.55 percent to 2,054.83. Leading and Lagging Sectors On Tuesday, non-cyclical consumer goods & services shares declined by 0.6 percent. Meanwhile, top gainers in the sector included Electro Rent Corporation ELRC, up 3 percent, and Monro Muffler Brake Inc MNRO, up 2 percent. In trading on Tuesday, financial shares tumbled by 1.6 percent. Meanwhile, top losers in the sector included Westfield Financial, Inc. WFD, down 8 percent, and ICICI Bank Ltd (ADR) IBN, down 5 percent. Top Headline Walgreens Boots Alliance Inc WBA reported better-than-expected earnings for its fiscal second quarter, but the company missed analysts' sales estimates. Walgreens posted quarterly adjusted earnings of $1.31 per share on revenue of $30.18 billion. However, analysts were expecting earnings of $1.28 per share on revenue of $30.66 billion. Walgreens raised the low end of its fiscal 2016 forecast. The company now projects annual earnings of $4.35 to $4.55 per share. Equities Trading UP Marvell Technology Group Ltd. MRVL shares shot up 11 percent to $10.66 after the company reported senior leadership transition. Marvell Technology announced that its CEO Sehat Sutardja and President Weili Dai will leave the company effective immediately. Shares of Inventergy Global Inc INVT got a boost, shooting up 56 percent to $3.08. Inventergy reported a FY15 loss of $(3.41) per share on revenue of $4.88 million. Intercept Pharmaceuticals Inc ICPT shares were also up, gaining 16 percent to $155.07 following release of the FDA Advisory Committee documents. Wells Fargo upgraded Intercept Pharmaceuticals from Market Perform to Outperform. Equities Trading DOWN Allergan plc Ordinary Shares AGN shares dropped 16 percent to $234.00 amid fears that the U.S. Treasury Department and the Internal Revenue Service have revamped their efforts to limit domestic companies from doing so-called "tax inversion" deals. Shares of Great Basin Scientific Inc GBSN were down 15 percent to $3.77. Great Basin Scientific reported the expansion of its leadership team. The company appointed Mike Blitz as vice president of U.S. sales, and promoted Sandra Nielsen to the position of senior vice president of sales and marketing. Godaddy Inc GDDY was down, falling around 9 percent to $29.65 as the company reported follow-on offering of 16.5 million shares via selling holders. Commodities In commodity news, oil traded down 0.48 percent to $35.53, while gold traded up 1.24 percent to $1,234.40. Silver traded up 1.48 percent Tuesday to $15.17, while copper fell 0.16 percent to $2.14. Eurozone European shares were lower today. The eurozone's STOXX 600 fell 1.78 percent, the Spanish Ibex Index fell 2.07 percent, while Italy's FTSE MIB Index dropped 2.38 percent. Meanwhile, the German DAX dropped 2.35 percent, and the French CAC 40 tumbled 2.12 percent, while U.K. shares fell 1.31 percent. Economics The U.S. trade deficit increased 2.6 percent to $47.1 billion in February, versus a revised $45.9 billion in January. The country's exports increased to $178.1 billion in February, while imports rose to $225.1 billion. The Markit Services PMI rose to 51.30 in March, versus a prior reading of 51.00. However, economists were expecting a reading of 51.00. The ISM non-manufacturing PMI gained to 54.50 in March, versus a previous reading of 53.40. However, economists were expecting a reading of 54.00.